New Jersey Chalks Up Impressive Swell in February Sports Betting Winnings

The numerous casinos and horseracing tracks in the American state of New Jersey saw their aggregated February winnings from sports betting rise by 10.4% year-on-year to just over $412 million.

The information released by the New Jersey Division of Gaming Enforcement included land-based and online sports betting revenues with winnings from this former activity having increased by 1.2% year-on-year to almost $215 million. However, the same figures showed that only three of the eastern state’s nine casinos encompassing the Borgata Hotel Casino & Spa, the Hard Rock Hotel & Casino Atlantic City and the Ocean Casino Resort won more from in-person sports wagers than they had for the corresponding period in 2019.

The New Jersey regulator explained that local winnings from online sports betting in February had risen by nearly 10% year-on-year to reach $142.5 million largely thanks to interest in Super Bowl LVII. The monthly handle tied to this annual gridiron championship extravaganza totaled $847.4 million with $54.6 million having been left following the payment of winning wagers and other expenses.

“Locally, the addition of two new casino resorts to the established seven has disrupted market share,” Jane Bokunewicz, Director for the Lloyd Levenson Institute at Stockton University, said. “The local market pie has grown but the way that pie is cut has changed, shifting in favor of the newest entrants to the market.”

Breaking the figures down further and the Borgata Hotel Casino & Spa recorded in-person February sports betting revenues of $12.2 million, which equated to a swell of 14.3% year-on-year. This saw the 2,767-room Atlantic City property’s overall win for the 28-day period improve by 8.8% to $57.4 million with its online operation having chalked up a 7.4% rise to take the overall monthly tally to $101.2 million.

For the nearby Hard Rock Hotel & Casino Atlantic City facility and in-person February sports betting revenues grew by less than 1% year-on-year to some $37.5 million with its related combined online and land-based win having dropped by an analogous percentage to approximately $44.4 million. The situation was worse for the 1,400-room Ocean Casino Resort as on-site sports wagering receipts fell by 11.5% to $26.2 million with the merged tally sitting 2.2% down at something like $30.1 million.

Elsewhere and in-person February sports betting revenues for the Caesars Atlantic City facility improved by 1.4% year-on-year to just over $19 million with this tally having improved by less than 1% to hit $19.2 million when Internet and sports wagering monies were included. The Golden Nugget Atlantic City venue similarly won $11.1 million from on-site sports wagering, which equated to an almost 14% decrease, with its co-mingled tally having remained virtually static at $47.8 million.

In-person February sportsbetting revenues for the Harrah’s Atlantic City property improved by 8.1% year-on-year to $21.3 million while the 942-room Resorts Casino Hotel and the 2,300-room Tropicana Casino & Resort Atlantic City experienced slight declines as their finishing on-site tallies came in at $12.6 million and $17.2 million respectively.

Among Internet-only entities and Resorts Digital saw its February online sports betting win reach $48.2 million, which represented a swell of more than 25% year-on-year, while the tally for Caesars Interactive NJ disappointingly decreased by 17.5% to $8.3 million.